Business Briefing

Published 10:00 pm, Thursday, August 30, 2007

REGIONAL NEWS

Puget Sound Energy asks permission to cut rates

Puget Sound Energy has asked the Utilities and Transportation Commission to cut natural-gas rates for its customers by an average of 13 percent, citing lower wholesale prices for the fuel. The utility said the reduction, to take effect Oct. 1, would cut the typical residential customer's bill by $11.27 a month, to $82.12.

Puget also asked the UTC to reduce the monthly charge on electrical and natural gas customers for a fund to help low-income households pay utility bills. The cut would be about 5 cents a month for residential electrical customers and 3 cents a month for natural-gas customers.

Esterline Corp. reported net income for the fiscal third quarter ending July 27 of $38.8 million, or $1.49 a share, up from $11.2 million, or 43 cents a share, a year ago.

The Bellevue-based manufacturer of components for the aerospace and defense industries said the most recent quarter included a one-time gain of $23 million, or 88 cents a share, on an insurance payment.

Sales rose 31 percent to $326.4 million; the increase included $41 million in revenue from recently acquired CMC Electronics.

Pacific Bioscience issues recall on Clarisonic device

Pacific Bioscience Laboratories, the Bellevue maker of the Clarisonic skin care device, announced a voluntary recall of the device because the handle can overheat and catch fire.

The company said the problem, tied to the electronics of the device, occurs at a rate of about one in 10,000. No injuries have been reported, the company said. As a result of recall, the company plans to replace every Clarisonic on the market for free. The devices, available since late 2004, sell for $195.

Starbucks to open inside A&P stores in Northeast

Supermarket chain Great Atlantic & Pacific Tea Co. Inc. will open Starbucks Corp. cafes in some northeast U.S. locations.

The first Starbucks will open in New Jersey A&P stores in November, the Montvale, N.J.-based company said Thursday.

Great Atlantic will license the name from Starbucks and run the stores. Starbucks has similar arrangements with other retailers, and locations also can be found inside Target Corp. stores and at Safeway Inc.

"I'd be very surprised if there's any high rise class-A space in downtown Bellevue that is below 40 bucks a foot by the end of the year," said Spencer, who is also chief strategy officer at NuMark Office Interiors.